Getting Down To Business

Director’s and Officer’s Insurance

If you own a company, directors and officers insurance is something you should look into. This sort of liability insurance is a must as it will cover directors and officers at your company in the event that they find themselves on the receiving end of claims.

The heightened focus on corporate governance and board accountability is such that directors serving on boards and officers leading companies are increasingly being held accountable for what they do — or do not do — that may not be seen as being in the company’s best interests.

There are numerous ways that directors and officers can potentially find themselves in need of directors and officers insurance. For instance, directors and officers can find themselves in trouble if they face any allegations involving a violation of common law responsibilities, a breach of responsibilities owed to stakeholders, or a violation of statutory obligations.

Whether you own and operate a not-for-profit organization, a privately held business or a for-profit company, you can find an officers and directors insurance to meet your specific requirements. So reach out to us at W.B. White Insurance for a directors and officers insurance quote so that you can sign up for officers and directors insurance.

Directors and officers insurance will cover your directors and officers’ defense fees as well as damages stemming from unlawful act charges and legal action brought against them.

Specifically, directors and officers policies come into play in the event of errors or omissions by directors and officers. This type of liability insurance usually has several unique features compared to other insurance types. These include the following:

Monetary Damage

A directors & officers insurance policy covers monetary damages, but it does not include either property damage or bodily injury.

Claims-Filed Basis

Directors and officers policies are written up via a claims-made basis.

No Guaranteed Defense

Officers and directors insurance usually does not feature any guaranteed obligation to defend those covered under the insurance as far as for-profit companies are concerned.

What follows is a closer look at how we can help different types of organizations:

Public Companies

Whether allegations against your directors or officers are true or false, you could find yourself footing a sizeable bill due to legal fees associated with defending the action. With a directors and officers liability policy, you can obtain, among other things, indemnification if any of your directors or officers are deemed to be liable.

Private Companies

Private companies must be careful when it comes to issues such as conflict of interest charges, securities litigation and breaches of fiduciary duty. With the right policy, you can cover your directors and officers in areas like defense fees and settlements.

Non-Profit Companies

If you operate a non-profit company, directors and officers insurance takes on added importance. The reason for this is that non-profit companies typically have limited capacity to indemnify their directors and officers or to shoulder costly legal action settlements or awards of damage. With the right policy, your company’s directors and officers will be protected.

Choosing the right policy is critically important, and we are here to help. For a directors and officers insurance quote, contact W.B. White Insurance today.

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